Genetic Technologies Ltd Stock Forecast
Green day on Tuesday for Genetic Technologies Ltd stock after gaining 0.84%
(Updated on May 07, 2024)
The Genetic Technologies Ltd stock price gained 0.84% on the last trading day (Tuesday, 7th May 2024), rising from $2.38 to $2.40. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.70% from a day low at $2.34 to a day high of $2.45. The price has risen in 7 of the last 10 days and is up by 0.42% over the past 2 weeks. Volume fell on the last day by -20 thousand shares and in total, 14 thousand shares were bought and sold for approximately $34.77 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.25 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 19.04% during the next 3 months and, with a 90% probability hold a price between $2.68 and $4.14 at the end of this 3-month period.
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GENE Signals & Forecast
There are few to no technical positive signals at the moment. The Genetic Technologies Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $2.65. On a fall, the stock will find some support from the short-term average at $2.32. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -27.73%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Genetic Technologies Ltd stock
Genetic Technologies Ltd finds support from accumulated volume at $2.32 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.110 between high and low, or 4.70%. For the last week the stock has had daily average volatility of 7.09%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GENE) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Genetic Technologies Ltd to open at $2.40, and during the day (based on 14 day Average True Range), to move between $2.19 and $2.61, which gives a possible trading interval of +/-$0.209 (+/-8.70%) up or down from last closing price. If Genetic Technologies Ltd takes out the full calculated possible swing range there will be an estimated 17.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.32 (3.33%) than the resistance at $2.50 (4.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Genetic Technologies Ltd stock A Buy?
The Genetic Technologies Ltd stock holds several negative signals and despite the positive trend, we believe Genetic Technologies Ltd will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.309 Sell Candidate Unchanged
Predicted Opening Price for Genetic Technologies Ltd of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $2.40 ( 0.140%) | $2.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GENE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.51 | 4.44 % | |
| R2 | 2.46 | 2.69 % | ||
| R1 | 2.44 | 1.61 % | ||
| Current price: | 2.40 | |||
| Support | S1 | 2.35 | -1.89 % | |
| S2 | 2.33 | -2.97 % | ||
| S3 | 2.29 | -4.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.71 | 12.92 % | |
| R2 | 2.67 | 11.25 % | ||
| R1 | 2.50 | 4.17 % | ||
| Current price | 2.40 | |||
| Support | S1 | 2.32 | -3.33% | |
| S2 | 2.13 | -11.22% | ||
| S3 | 1.97 | -17.92% |
FAQ
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